Pumps Market- By Classification (Axial Flow Pump, Semi- Axial Flow Pump and others), By Pump Type (Residential Pumps, Agriculture Pumps and others), By Application (Water Supply, Agriculture and Others), By Geography- Forecast (2024-2030)

Pumps Market Overview:

This industrial growth will be a boon to the pumps market which had a value of around $ 143.67 billion in 2030, according to IndustryARC’s market analyst. Furthermore, the analyst estimates the pump market demand to grow with a moderate CAGR of around 5% during the forecast period of 2024 to 2030. A pump is a device that is used to move liquids and gases, and they are classified as direct life, positive displacement pumps, impulse pumps, and others. Some pumps are submerged in the fluid while others are placed external to the fluid. Pumps play a major role in various industries for water supply and fluid flow operations. In the automotive industry, they are used for water cooling and fuel injection. The pump market is witnessing notable trends driven by technological advancements and sustainability initiatives. There's a growing demand for energy-efficient pumps as industries and municipalities seek to reduce operational costs and carbon footprints. Smart pump systems equipped with sensors and automation are gaining traction, enabling remote monitoring and predictive maintenance, thus enhancing operational efficiency. Additionally, the water and wastewater treatment sector are a significant driver, propelled by urbanization and stringent regulations on water quality. With the rise of digitalization, the pump market is also experiencing a shift towards integrated solutions and services, offering comprehensive support to customers. Moreover, emerging economies are witnessing increased investments in infrastructure, further fueling the demand for pumps across various applications, from agriculture to oil & gas. Overall, sustainability, efficiency, and digitization are key themes shaping the pumps market landscape.

Report Coverage

The report: “Pumps Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Pumps Industry.
By Type: Centrifugal Pumps, Positive Displacement Pumps
By Classification: Axial Flow Pump, Semi Axial Flow Pump, Double Suction Volute Pump, Single Suction Volute Pump, Multi Stage Turbine Pump
By Pump Type: Residential Pumps, Agricultural Pumps, Special Purpose Pumps, Solar Pumps
By Application: Water Supply, Agriculture, Sewer System, Drainage, Power Station, Oil and Gas
By Geography: North America (The U.S., Canada, Mexico), South America (Brazil, Chile, Argentina, Colombia, Rest of the South America) Europe (The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark) APAC (China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong), Rest of the World (Middle East and Africa)

Key Takeaways

• APAC held the largest share of the Pumps market in 2023 up to 44%, driven by rapid industrialization, urbanization, and escalating demand for fluid handling and safe drinking water.
• There has been a tangible upsurge in industrialization in APAC countries for quite a few years. Owing to some of the most mature oil and gas reserves found in China, India, and other parts of APAC such as Thailand, Malaysia, Indonesia, and the Philippines; the oil & gas industry is booming in the sector. 
• The Indian pharmaceutical sector has witnessed some exceptional deals in recent times. Apart from that, APAC is home to a gamut of small and big-scale industries that are aiding the growth in demand for pumps; subsequently opening opportunities for the vendors in the pumps market. 

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By Type – Segment Analysis

The Centrifugal Pumps, segment held the largest share of the Pumps market in 2023. Centrifugal pumps reign supreme in the pump market due to their versatile capabilities, cost-effectiveness, simple design, and energy efficiency. Its ability to handle a wide range of flow rates and pressures makes them indispensable across industries such as oil & gas, chemical, and food & beverage, as well as municipal sectors like water and wastewater treatment. Additionally, their affordability and straightforward maintenance make them an attractive choice for various applications, including agriculture for tasks like irrigation and drainage. Moreover, continuous advancements in technology have enhanced their energy efficiency, aligning with the growing emphasis on sustainability in today's business landscape. Overall, centrifugal pumps' dominance underscores their vital role in powering diverse industrial and municipal processes efficiently.

By End User – Segment Analysis

The agriculture segment in end users holds the largest share of the Pumps market in 2023. Pumps play a crucial role in modern agriculture by ensuring efficient and timely water supply for irrigation. This is especially critical in regions with limited rainfall or where water scarcity is a concern. Different types of pumps, like centrifugal and submersible, are used to extract water from various sources like wells, rivers, and reservoirs, and distribute it across fields. Furthermore, many governments, particularly in developing countries, are actively promoting agricultural development through various initiatives. This includes subsidizing irrigation infrastructure and equipment, including pumps, which further stimulates the market.

By Geography – Segment Analysis

APAC held the largest share of the Pumps market in 2023 up to 44%, driven by rapid industrialization, urbanization, and escalating demand for fluid handling and safe drinking water. Countries like China and India are pivotal in propelling market growth, buoyed by burgeoning industrial sectors and urban expansion.  For instance, according to the Trade Economics, India's industrial output surged by 11.7% year-on-year in October 2023, reflecting robust economic activity. This surge in demand is attributed to the need for efficient fluid transfer across various industries and the imperative for clean water access, particularly in densely populated areas. For instance, in 2022, according to the China State Council Information, china accelerates the development of future-oriented infrastructure. Fixed-asset investment in road and waterway infrastructure surged by 11.4% year on year to 512 billion yuan (about 76 billion U.S. dollars), as reported by the Ministry of Transport. As infrastructural development intensifies and environmental concerns amplify, the demand for pumps in the APAC region is expected to continue its upward trajectory, reflecting the region's pivotal role in shaping the global pump market landscape.

Pumps Market Growth Drivers:

Demand for Pumps from the Agricultural Sector

One of the most important target areas in the Sustainable Development Goals (SDGs) of the United Nations is achieving food security and improved nutrition for the global population, and the way forward to this goal is noted as sustainable agriculture as mentioned in The Future of Food and Agriculture Report by the Food and Agriculture Organization. Now, the growth in the agricultural sector with emerging farms and cultivation fields will warrant a heavy supply of pumps of various types, and the vendors in the pumps market will be reaping the benefits of this noticeable demand influx. 

Real Estate Industry Stroking the Pumps Market 

The rapidly growing population of the world has brought about a tectonic shift in the real estate industry with a lot of ongoing infrastructural and residential projects across the world. Furthermore, there is a remarkable surge in the construction of commercial properties such as malls and corporate offices. These buildings are incorporated with fire protection systems and sanitation systems which require pumps for the flow of water, which further flourishes the pumps market.

Zero Liquid Discharge Regulation in the Industrial Sector 

Owing to the environmental concerns due to the liquid discharge from chemical, pharmaceutical, and other industries, there is a regulation that makes it imperative for these industries to inculcate the zero liquid discharge plant in them. This entails a water treatment process in which all the water is either purified and recycled or evaporated into the atmosphere, thereby leaving zero discharge at the end of the treatment cycle. These plants utilize a wide range of pumps from centrifugal to displacement ones, which significantly support the pumps market.

Pumps Market Challenges:

Fluctuating Raw Material Prices:

Fluctuating raw material prices, such as steel, copper, and plastics, pose a substantial challenge for manufacturers. These fluctuations can lead to unpredictable shifts in production costs, directly impacting profitability. Manufacturers often find themselves navigating a volatile landscape, where sudden price spikes or drops in raw material costs can disrupt budgeting and strategic planning. Strategies to mitigate these risks include hedging contracts, diversifying suppliers, and implementing flexible pricing models. However, the dynamic nature of raw material markets requires constant monitoring and adaptation. Successfully managing these fluctuations is crucial for maintaining competitiveness and financial stability in the manufacturing sector.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies players adopt in the Pumps market. Major players in the Pumps market are Flowserve Corporation, Alfa Laval, Grundfos, Xylem, Crane Pumps & Systems, General Electric Company, Ingersoll Rand, Weir Group, Sulzer, SPX Flow, Inc., among others.

Recent Developments:

• In September 2022, Sulzer unveiled five new dewatering pump models tailored for drainage and sludge tasks, enhancing efficiency in mining and civil engineering projects. These additions to their lineup ensure seamless water removal, vital for project continuity, underscoring Sulzer's commitment to innovation and industry support.
• In March 2022, Alfa Laval introduced the AC65 brazed plate heat exchanger, engineered for residential heat pump applications. Unveiled at their inaugural online net-zero launch event, it epitomizes innovation in energy efficiency and circular economy solutions. Crafted in Italy, the AC65 meets the burgeoning demand for advanced heat exchangers in the high-volume heat pump sector.
• In June 2023, Xylem introduced its latest innovation, the Godwin high-pressure dewatering pump, designed to enhance efficiency and reduce costs for construction and mining operations. With a focus on minimizing downtime, this technology promises increased productivity and reliability, catering to the needs of demanding industries.

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